Whether or not it has anything to do with the low value of our loonie or the recent nosedive in the commodity markets, confidence in the B.C. economy appears to be dropping.
According to recent poll results, nearly half of British Columbians think economic conditions in our province are poor or very poor. That’s compared to December 2014 when only 26% thought the same thing.
And 41% expect the economy will get worse over the six months.
Household finances a concern
- 33% say their household finances are poor or very poor
- 42% says they’ll dine out less often, up 12%
- 40% says they’ll spend less on entertainment, up 7%
- 43% say they’ll buy new clothes less often, up from 32% in November 2014
- 36% say they’ll travel less, up 7%
Only 13% say they plan to start a major home renovation, and less than 10% say they’re planning to buy a new home or car.
Bracing for higher cost of living
- A whopping 93% of those surveyed anticipate they’ll pay more for groceries over the next six months
- 71% predict real estate prices will rise, and 54% predict the same for new vehicles
One third of us are worried
- about safety of savings, 36%
- about being able to pay bills, 32%
- about having to carry a balance on our credit cards, 32%
- about unemployment affecting our household, 31%
The poll was conducted by Insights West from January 13th to 15th, 2016.